Freelancer Insurance in Hawaii

Freelancer insurance in Hawaii (HI) – is a categorization of self-employed insurance covering everything, from health insurance to insurance for any category of work mishap or error. We will talk through all the kinds of insurance a freelancer might want.

First of all, let’s make it understandable. In Hawaii, if you want to be a freelancer, you are falling into the group of self-employed people.

In practice, this means that you are the executive and the employee. You have to take care of your rights, including providing medical insurance.

Types of insurance for freelancers in Hawaii

There are different types of freelancer insurance in Hawaii. If you are thinking to become an individual worker and enjoy the benefits of “being your own boss”, you should do it in the safest way possible.

You all know the good old saying “If you don’t make mistakes, you don’t make anything”. The outcome of your work in some cases can be bodily injury, property damage, or money loss. Now, some of these errors can cost you quite a bit of money, if not you protect yourself in time.

As a self-employed person, the initial thing you need is health insurance. Besides health insurance, you might want other insurance types. Depends on the sort of your business.

So, let’s go slowly and see how much is going to cost you to be a freelancer in Hawaii, and how to protect yourself the best.

Health insurance for freelancers in Hawaii

If you are self-employed, you should find the best Health insurance plan for you. As a freelancer, you qualify for Individual Health Insurance Marketplace. Here you can weigh up offers from individual private health insurance providers.

When you fill out the request, you will see if you can apply for premium tax credits, etc. This all depends on your wages, household size-dependent family members…

You can choose between 4 “metal categories” for your health insurance – Bronze, Silver, Gold, and Platinum. The distinction is not in the quality of service, but in the fare that you have to pay. Your choice mainly depends on your needs; how many times you need medical assistance, and what kind of treatments you need.

The monthly premium can also be lowered if you qualify for savings programs. This all depends on your income and household size and will be explained to you when filling the Marketplace insurance form.

You can also verify if you qualify for Medicaid – government health insurance given in case of low income. When it comes to eligibility for this program, your income must be below a certain level in HI. Also, your qualification is dependent on the number of people in your household.

What is the cost of health insurance for freelancers?

Now we come to the inquiry that everyone who is thinking about freelancing wants to know. How much will cost you to be a freelancer? As formerly mentioned, your premium depends on several factors – your wages, household size, do you qualify for any savings programs.

On average, freelancers in Hawaii are paying $450* per month, which is $5400* annually depends on the insurance company you choose. If you qualify for any savings program, your premium can be as low as $200 per month. To confirm if you qualify for this sort of program in Hawaii.

*price may vary depending on the insurance company

Other types of freelancers’ insurance in Hawaii

Besides health insurance, there is a so-called “business insurance” type. To protect your business and have coverage for any injury or damage that can be consequence out-turn of your work, you need to have business insurance.

Depending on the type form of freelance job you are performing, you will need a different type of insurance. Here we will discuss some of the types in Hawaii, so you can decide to make a decision what suits you the best.

General liability insurance for freelancers

General liability insurance covers financial losses that are the result of bodily injuries, property damage, medical expenses, libel, slander, defending a lawsuit, etc. It is the most extensive insurance for freelancers and it’s suitable for any form of business.

This insurance is considered one of the best sorts because it covers a lot of unexpected things that might happen during your work.

The cost of general liability insurance

The price of general liability insurance in Hawaii depends on a couple of things – the coverage you opt for, the sort of business, the insuring company.

The average price of general liability insurance in HI is approximately $40* per month, which is $480 yearly.

A lot depends on the form of business you are conducting. If you are involved in a riskier business, such as landscaping, you will have a more expensive premium than someone who is working as a copywriter.

Also, the range limit determines your premium. If you are aiming for larger insurance coverage, the premium will definitely be higher. Some of the usual coverage limits are $1 million and $2 million.

Here you can find more details about general liability insurance in Hawaii.

Professional liability insurance for freelancers

Professional liability insurance covers economic losses that are the result of malpractice, errors, and negligence. It is suitable for all the businesses that are providing services to their clients.

This insurance is also referred to as Errors & Omissions insurance.

For some types of businesses, such as lawyers and medical workers, this type of insurance is mandatory. Others can choose if they want to ensure their business.

The average cost of professional liability insurance is $59* per month, which is $708 per year.

More about Errors and omissions types in Hawaii you can find here.

Home-based business insurance in Hawaii

One more type of business insurance that freelancers can take into consideration is home-based business insurance. Since the main goal of being a freelancer is being free to work remotely, many freelancers are starting their offices in their homes.

The fee of a home-based insurance policy in Hawaii depends on several factors – credit history, type of business, etc. Some average cost in Hawaii is $250* to $500* per year.

Income protection insurance for freelancers in HI

Income protection insurance for freelancers works in the same manner as for any other profession. If you may not work due to illness or injury, you will get a regular untaxed payment. This insurance is in most cases limited for a certain period of time. In Hawaii, it is usually referred to as disability income insurance.

There are two sorts: short-term disability insurance and long-term disability insurance.

Short-term insurance covers a period from 9 to 52 weeks with a delay of up to 14 days.

When it comes to long-term disability insurance, you are covered from 30 days to few years, depending on the insurance agency.

Usually, the price in Hawaii is 1-3%* of your annual income.

Ways to purchase the insurance

After you checked all your options, you must decide which category of insurance you need. When all the decisions are made, what is left is to purchase an insurance policy.

The first way, to get the policy is to go to an insurance company and get it. However, this option is time-consuming and more expensive.

One more option is online buying. You can find the company in any part of Hawaii, and acquire the insurance without your appearance. You will have to come up with some of your personal details, sign an online agreement, and make the purchase.

This way you will save time, and more importantly, you will save money. And the greatest thing – online insurance often comes with additional benefits!

An additional way is to join any Freelancer organization in Hawaii. The organization itself is not an insurance provider, but it can connect you to an insurance company. Possibly, this way can be lower priced than going to the office of the insurer.

Conclusion about insurance for freelancers in Hawaii

You decided to take a step forward, leave your job and try to establish something for yourself. It’s great! But before doing so, be assured to understand all the duties that you will have as “the boss”.

Put on the paper all the expenses of being a freelancer in Hawaii. Count even the expenses you think you will never have. Now respond to yourself – are you ready to be a freelancer? If yes, here is a link that can tutor you to start a freelance business in Hawaii, and make the first steps.

*price may vary depending on the insurance company

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